Ripple (XRP) altcoin, the world’s third-largest cryptocurrency has increased by 31 percent against the US dollar in a period of 48 hours. According to the coming altcoin news, the XRP to dollar exchange rate reached an intraday high of $0.405.
The XRP/USD exchange rate on Tuesday increased up to 25.05 percent when the market opened on the Luxembourg-based Bitstamp exchange. The pair dropped up to 5.05 percent during the European session in order to neutralize its overbought levels and found a support level at $0.384.
The sentiment came across the rest of the crypto index when almost all of the top cryptocurrencies reached surplus intraday gains. Bitcoin (BTC) extended its rally action and managed to establish a new 2019 peak towards $8,836. Ethereum on the other hand along with Bitcoin Cash and EOS also recorded double-digit gains over the 24 hours timeframe.
The crypto breakout action enhanced with a rise in trading volume which also confirmed the strong bullish sentiment on the market. Exchanges that support XRP-enabled pairs noted a $3.69 billion worth of buying and selling activity. In the same time, as reported in the best cryptocurrency news sites, the manipulated volume statistics shows that there is about $127 million value of trades over the past 24 hours.
The Ripple (XRP) altcoin was hinting its plan to extend its upside momentum and consolidated sideways while trading at $0.385. The gains of the altcoin are contributed to the confluence of positive fundaments in both outside and inside of the crypto market. The rise of trade tensions between China and the US seem to be influencing the sentiment as it appeared across the rest of the market.
The XRP asset found additional support from the Boerse Stuttgart. The second largest stock exchange launched two-exchange traded notes for Litecoin and XRP. Also, Boston-based asset management company Fidelity Investments announced the offering of XRP trading services to its institutional clients.
The buying sentiments improved for Ripple (XRP) at least in the past few days. They also served as major factors to drive the upside movement further which made it attractive for investors to build their positions. The Relative Strenght Index for Ripple (XRP) was above 70 which shows there is some overbought sentiment. This does not impact the bullish bias in the near-term which hints a downside correction.
XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
Grin Cryptocurrency Just Executed Its First Hard Fork
“It was planned since way before Grin launched. We would do four hard forks in the first two years, at regular six-month intervals, to introduce new features.”The developer at Grin cryptocurrency was featured in the latest cryptocurrency news for stating that the upgrade did not result in a network split. Rather than that, the Grin network simply halted "in its tracks" which forced users to update their software. The upgrade was completed at 9:45 UTC.
“In a classical fork, the chain can split into two mutually incompatible continuations. … In Grin, there is no way to continue growing the ‘old’ chain since the old code refuses to accept any blocks past the [hard fork] height,” he explained.One of the most integral changes for the Grin cryptocurrency and the Grin network in general today has been a tweak to one of two mining algorithms. As we previously reported in our altcoin news, Grin supports a mining algorithm which is friendly towards both general-purpose computing devices (GPUs) and specialized hardware called ASICs. Another developer at the Grin cryptocurrency and a software engineer at the blockchain startup BlockCypher named Quentin Le Sceller, recently said:
“It’s not really forking ASICs from the network but ensuring that no one is building ASICs for the [GPU-friendly mining algorithm.]”Therefore, the Wednesday update ensures that the playing field remains free of ASICs for the short-term future of the Grin protocol, preventing a monopoly on the Grin mining industry. Many best cryptocurrency news sites report that additional tweaks to the newly implemented mining algorithm will be activated by the Grin cryptocurrency developers in the coming months. Tromp also affirmed that for the second Grin fork, developers will add payment channels to the network.
“[Payment channels are] a way for two parties to perform many off-chain transactions between them,” Tromp concluded. “[It requires] one on-chain transaction at the outset and one settlement at the end.”
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
“The top holder activity signal is the percentage of Coinbase customers with large balances of an asset (top 10%) who have net increased (bought) or decreased (sold) their positions in that asset through trading over the last 24 hours,” Coinbase explained in a blog post which went viral in the altcoin news. “This is updated approximately every 2 hours.”Speaking to CoinDesk, one Coinbase spokesperson further noted that top holder activity would be aggregated from all of the individual Coinbase accounts across the exchange - excluding the ones set up by institutions. Beyond the sharing metrics on Coinbase power users, the fact that Coinbase is rolling out their data tools will apparently help retail users make more informed decisions. The Coinbase customers will also be able to see the median number of days an asset is held by traders on the exchange before it is sold or moved to another address, the latest cryptocurrency news show. Another tool which Coinbase is rolling out will gauge the popularity of assets on Coinbase as well as their relative price correlations to other crypto assets. All of the "exclusive" data tools are available to any user for free starting from today.
“For individual investors, especially those new to crypto, we hope these new signals will encourage more informed management of a diversified crypto portfolio. We want trading signals to help first-time investors build the right portfolio to suit their investment goals,” a spokesperson from Coinbase noted.Now that Coinbase is rolling out these data tools, a senior engineer from the company named Will Drevo says that the platform's top crypto accounts have a tendency to buy rather than sell their portfolio positions.
“Historically, when top holders are either unusually bullish or bearish this has been indicative of changing market conditions, but not always," Drevo wrote in another post.Founded in 2012, Coinbase has snagged a $8 billion valuation this year.
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- XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
- Grin Cryptocurrency Just Executed Its First Hard Fork
- Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
- Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
- Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
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